Scrap Gold Prices

by MaryF

Wondering whether there is money to be made with your old gold. Maybe you have some old-fashioned jewellery which could be turned into cash?

Before you try to sell your old gold, you should find out all about scrap gold prices, to estimate the answer to the question: “what’s your gold worth?” The answer will vary. It changes by the minute according to current gold prices fluctuations. Prices also vary according to what dealer you are working with, and from moment to moment, even with the same dealer. That is why you should do at least a little homework online, and at home, before you try to sell your scrap gold. Scrap gold is anything made from a quantity of gold that you no longer want. It may or may not be broken or bent. That is not an issue with those who purchase scrap gold. They usually will send the pieces out to a another refinery, where it will be melted down and separated out into gold and other components.

To find the current daily price for gold, check on a financial website like www.cnbc.com, or www.goldprice.com. Here, you will find the daily market price for gold, silver, platinum, and other metals by the ounce, or by a larger quantity for some metals. The ounce price for gold is divided into either pennyweights, 20 per ounce, or grams, about 31.1 per ounce. Using grams, if gold is $900 per ounce, and you have one gram of 10K gold, it would bring $12.06 per gram. For 24K gold, the figure is much higher, $28.94 per gram. However, expect to receive less from any dealer due to profit and costs involved.

How to Sell Scrap Gold

There are easy calculators to be found online to use, if you know the weight and purity of your scrap gold jewelry. To determine the karat fineness of your gold, look for a small number stamped on the piece. Or, there are tests that can be done in front of you at the dealer, with a scratch or acid test. Some items that you think are gold are actually only gold plated, and the dealer may not want to buy them. There is an easy way to see this by using a small magnet, because the gold will not cling to the magnet. If there are other metals in the piece, it will cling to the magnet.


For gold coins, be sure to go to a numismatist for an appraisal of worth. Some gold coins, in fact most, are worth far more than their face value, or weight in gold, if they have coin collectible value. If you are a real scavenger, you may also be able to extract small amounts of scrap gold from old electronics, computers, or cell phones. Dental gold is also sold, and some may contain platinum, which is more valuable than gold at this time.

Some gold jewelry also contain gems as part of their design. The scrap gold dealer will not pay you for the gems. If the piece is in good condition, it could have more value to you when sold as jewelry rather than scrap metal. Antique stores or consignment stores are good places to sell your old gold jewelry that also has gems, and that is in good condition for wearing as jewelry.

The gold dealers can be found advertising on television, on the internet, or in your telephone directory. Pawn shops frequently also buy and sell gold and silver items, and buy scrap metal. Some may only want gold, while other will also buy scrap silver. They will, of course, take a discount by buying from you at less than market price. You may be getting 20 percent less than its actual worth, because they have to process the metal and also make a profit for their work, even if they resell items as is.

If you have jewelry that is broken, in need of expensive repair, pieces that no longer fit, items that are out of style, or even just jewelry you are tired of wearing, have it appraised for purchasing by your local scrap gold dealer. They should weigh the items and test them in front of you, and tell you on the spot what they will give for the assortment or piece. They can also let you know what the karat fineness is, if you are unaware of the karat rating.

Learn all about gold prices, and find out what’s your gold worth before you go to a dealer. Go to several dealers to compare prices. Then make a decision whether or not to sell. If you use a mail in service, you may have no choice but to take what they offer, so it seems a little better to try the neighborhood pawn shop first. Have a little fun by taking a friend along. Gold has always been an easy commodity to buy and sell, and that is still true today.

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Updated: 02/23/2012, MaryF
 
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SouthFloridaJewelryBuyers on 08/23/2012

Great guide to testing scrap gold and learning its value. Thanks!

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